Dollar index highest in 20 years on Ukraine, Fed rate

London: The dollar on Wednesday reached the highest level in 20 years against a basket of major rival currencies with traders seeking safety as Russia escalates operations over Ukraine.

US dollar notes are photographed in Buenos Aires, on June 23, 2022. - Argentines do their accounts in dollars, traumatised by recurrent economic crises and tormented by the inflation that is eating away at their pockets and is projected to exceed 60% this year. (Photo by Luis ROBAYO / AFP).

The Dollar index, which compares the US unit against currencies including the euro, pound and yen, jumped to a two-decade high at 110.87 points, also as the Federal Reserve prepares another aggressive US interest-rate hike.